Ensure I have protection for the care I need

Part of Living Well Is Planning Ahead

The future may be unpredictable, but thoughtful planning today can unlock a world of possibilities tomorrow. If you face an illness and need care, having a flexible financial plan in place can make all the difference. Preparing now helps ensure you'll have the resources to pay for care when it's needed most. Explore your options and see how Pacific Life Insurance Company can support your journey toward financial security and peace of mind.

It doesn’t have to be old age—it could be an accident or illness. If you’re certified as chronically ill—unable to perform at least two of the six activities of daily living¹—or develop a cognitive impairment requiring supervision, you may need both medical and non-medical care. This could range from assistance with food preparation to full-time nursing home care. The costs and conditions for such care can vary significantly based on your location and the level of care required.

¹The six activities of daily living are bathing, continence, dressing, eating, toileting, and transferring.

Without proper planning, if you need care late in life you may quickly burn through your retirement savings paying for it. In addition to death benefit protection, certain life insurance products also offer riders that offer financial benefits if you became chronically ill and needed care. Talk to your financial professional to learn what options are available to you.

Health insurance covers skilled acute care but, like Medicare, often excludes other necessary services. Disability insurance is intended to replace a portion of income if you’re unable to work due to disability, but it’s not designed to cover medical expenses. Traditional long-term care insurance can be a helpful alternative or supplement, but the premiums paid may be lost if you never require long-term care services.

Because of these limitations—or simply due to the discomfort of planning for such situations—many people end up using their retirement assets to cover care expenses, effectively self-insuring. The risk of self-insuring is that the high costs of care later in life could quickly deplete your retirement savings when you need them most.

However, if you should fall chronically ill, certain riders on many modern life insurance products allow you to access your death benefit as a living benefit. These funds can be used for any purpose—whether medical or non-medical—offering a flexible way to manage care costs while preserving your financial assets.

Managing your care can be as challenging as saving enough to pay for it, but help is available. Professional care coordination services offer licensed health care practitioners who can guide you and your loved ones through each step of the process. From understanding your care options to certifying your condition and identifying the appropriate care, these services provide invaluable support.

With professional assistance, you can navigate the claims process more efficiently and access the concierge-level care you deserve, ensuring that your needs are met with expertise and compassion.